The Business: Friday July 3 2015
Company news, markets and financial talking points, available from 8am Monday to Friday
Greece needs €50bn over the next three years to stabilize its finances even under existing creditor plans, according to the IMF. The organisation acknowledged a huge deterioration in the country's prospects in recent months. Rival camps in Greece are set to hold major rallies in Athens ahead of Sunday's crucial referendum on international bailout terms.
BP has moved to draw a line on the Deepwater Horizon oil spill behind it by agreeing to pay $18.7bn to the American government and a string of states. It is the biggest settlement in US history. Shares in the company leapt as investors reacted with relief that the oil giant was finally moving on from the saga. The White House described BP’s settlement as “historic”.
A former trader on trial in London on Libor-rigging charges revealed his rates wishlist on Facebook, a court has been told. Tom Hayes, who is the subject of the first trial of an individual accused of benchmark interest rate manipulation, was obsessed by Libor, the court heard. Tom needs a low one-month Libor" or "Tom needs a high three-month", were among the postings he made on his Facebook page.
A US court has warned Royal Bank of Scotland that it could face a $13bn (£8.3bn) bill over allegations about its behaviour prior to the 2008 crisis. The lender, which is 79% taxpayer-owned, is fighting a long-running case in a Connecticut court over the way it packaged up mortgage bonds and sold them to government lenders overseen by the Federal Housing Finance Agency.
Dixons Carphone is setting its sights across the Atlantic, reports the Financial Times. The UK retailer has plans for a chain of up to 500 stores after signing a joint venture deal with US telecoms group Sprint. The firm, created last year through the merger of electricals chain Dixons and mobile phone group Carphone Warehouse, said the two companies had agreed to open 20 stores.
“The longer Syriza pulls fresh stunts, the more pain Greece will suffer — with the danger that Mr Tsipras will lead it out of both the eurozone and the EU.” Chris Giles slams the “childish misbehavior” of Alexis Tsipras.
FTSE-100: up +0.33 to 6630.47
Dow Jones: down -0.16 to 17730.11
Dax: down -0.73 to 11099.35
Cac-40: down -0.98 to 4835.56
Nikkei: up +0.05 to 20532.36
Hang Seng: down -0.25 to 26217.83
US dollar: buys €0.90130 and £0.64040
Sterling: buys $1.56170 and €1.40760
Oil: $61.84 down -0.3